Evening star. [volume] (Washington, D.C.) 1854-1972, 1887-08-24

There appears 10 be no end to the theories news
paper writers are prepared to advance on the sub
ject OF Secretary Fairchilds bond purchases. In
the first instance they were expected TO Hood an
already easy market with money and produce q
high state OF speculative excitement. The pro-
phets were astounded when the market failed to
respond. Then they concluded that there would
be q bldding-up OF prices on the bonds themselves,
creating an artificial stimulus which would lift
values generally By sympathy. On the contrary,
the bondholders seemed quite willing to let their
securities go. and the figures have steadily de-
seconded instead OF ascending. The latest theory
Is put forth by Wall street paper that, In depress
ing price OF bonds by his purchases the Secre-
tary is bound to raise the price Of stocks on the
general list by forcing sales and letting loose so
much money, which must at once seek reinvest-
ment. This Is probably founded on as much OF
fallaey as the others. The secretary is not de-
pressing bonds He IS merely Offering to buy
bonds Just any other dealer would, for the low
est price he can get. II Is the OondlOlders them
selves who are making the offers and doing the
depressing. The recognition OF this simple fact is
worth good deal In framing forecasts OF the fu-
ture. The steady fall OF quotations in govern
ments' OF certain class since the secretary began
buying, suggests no suspicion of their excellence
securities. They are just as good now, and just
al highly esteemed by expert 1ancierS as they
were three months ago. But In the meantime
there has come q change of feeling about invest
ments. Capitalists who were content with small
interest and absolute safety are ready to take
larger risks and larger profits. They are d.
verting their money from stocks and
bonds and turning it In some cases into
the channels OF productive industry, or buying
land with 1T. The dead season OF summer gener-
ally has a depressing effect on everything. The
mills wait for cool weather TO begin working OF
their goods, and the real estate market languishes
till the air gets snap OF frost In 1t and sets mems
yrfre of yx1r m QrkP lie
fore, not necessarily sure barometer of business
feeling. Stagnation In Wall street may, indeed,
under certain conditions, indicate increased actiy
ity somewhere else. And until some more definite
Information can be obtained, 1t will not be safe
either TO down the present dullness to CONNER
ciaI encouragement, or expect liquidation Of
Government bonds to boom the whole list on the
blackboard, from Albany and susquehanna to
Wheeling and Lake Erie.
1t was only few days ago that the followers Of
Henry George claimed for themselves the title OF
1.-THE new party. To-day IL is the american
party" that seeks this distinction. The increase
OF new parties Is one OF the peculiar signs
OF the times IL may not indicate the
Immediate, or even the pretty remote, diSin-
tegration OF the two great parties which divide
the bulk o. the popular sufrrages in this country
between them, but IL does show very plainly state
OF political unrest among the people. The latest
addition TO the list starts out upon the theory
that there is an American nation, entirely cap
able Of taking care OF itself, shaping Its des-
tiny and exercising an independent discretion in
the choice OF means and ends In its domestic
economy, the members Of the American party
maintain that the republic is safer in the hands OF
its native citizens than in those Of persons who
have only lately sought a refuge here; and that
proper restriction OF immigration, and the adop-
ton OF laws which Will reserve our public
CONAN for actual settlers, have become neces-
sary TO our national self preservation-to protect
US against the labor-hating anarchist on the one
hand, and the grasping land-baron:on the other.
In its foreign policy this party holds that is the
duty Of our Government to be bold and self-as-
serttve wherever the rights Of Americans are in
volved, from the richest TO the poorest land or
on sea-
The progress OF this new party will be watched
with interest. While IL may not assume the
national proportions counted upon by its pro-
1ectors there are Indications that its doctrines
have been making considerable Roadway lately.
Many whose souls revoited at the narrow bgotry
Of the old Know-Nothing party, speak encourag-
ingiy OF the prospects Of an organiza-
ton having the same general principle for
its motive power, but less Objectionable
methods. The American party is, therefore, likely
to occupy good deal Of attention In the near
future. Its central purpose has long been nursed
by clubs and societies, acting independently OF
each other, whom it is now proposed to bring to-
gether and consolidate under Ona executive head
How wen 1t viii succeed depends largely on the
way 1t begins It's work. II It's first acts are such
as to command public confidence, 1t may grow up
into organization, holding the balance OF power
between the old parties more securely than the
labor party with its factional differences or than
the prohibition party with its single moral reform
In view.